Shein said it benefited from the opening of two new offices in Kings Cross and Manchester and the launch of a pop-up shop in Liverpool.
Shein has reported a jump in UK sales, according to new accounts (James Manning/PA)open image in gallery
Shein has reported a jump in UK sales, according to new accounts (James Manning/PA) (PA Archive)
Your support helps us to tell the story
Support Now
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.
Fast fashion giant Shein has revealed its UK sales surged by almost a third last year ahead of plans to float the company.
Fresh accounts filed on Companies House also showed higher profits as its low-price products continued to attract growing popularity, particularly among younger shoppers.
It comes as the online retail group, which was founded in China and headquartered in Singapore, continues with efforts to secure a stock market IPO (initial public offering).
The company had been widely tipped to launch on the London Stock Exchange but is reportedly nearing a listing in Hong Kong following criticism from politicians and failure to secure approval from China’s securities regulator for the overseas listing.
New filings for Shein Distribution UK Ltd, the retailer’s UK operation, showed that sales in the region grew by 32.3% to £2.05 billion in 2024.
Shein said it benefited from the opening of two new offices in Kings Cross and Manchester, the launch of a pop-up shop in Liverpool and a Christmas bus tour across 12 cities in the UK.
Meanwhile, it also reported a pre-tax profit of £38.3 million for the year, having risen from £24.4 million in 2023.
In the accounts, the company warned that pressure on consumer sentiment could pose a potential risk to future trading.
The retailer focuses on low-cost fashion but has also expanded to sell products including toys and crafts.
Shein has come under pressure in the US over the past year, with President Trump’s administration scrapping a “de minimis” duty exemption on low-value packages.
Shein had been accused of bundling small packages in a bid to reduce its tax payments.
The Labour Government has said it is reviewing a similar policy in the UK, amid concerns it is giving retailers such as Shein and Temu an advantage over rivals.